Dec 01, 2003 /PRNewswire via COMTEX/ -- DAYTONA BEACH, Fla., TAMPA, Fla. and NEW ORLEANS, Dec. 1 /PRNewswire- FirstCall/ -- C. Roy Bridges, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Geoffrey Hughes and Nancy D. Hughes, principals of Energy and Marine Underwriters, Inc., of Kenner (New Orleans), Louisiana, today announced the asset acquisition of Energy and Marine Underwriters, Inc. by Brown & Brown, Inc. The transaction is effective December 1, 2003.
Energy and Marine Underwriters, with annualized revenues of approximately $1.8 million, is an insurance wholesaling enterprise that focuses on the specialized needs of the energy and maritime industries and related suppliers. Geoffrey Hughes will serve as Profit Center Manager for this new Brown & Brown stand-alone operation, and he and Nancy Hughes, along with their existing staff, will remain at their current location and continue to operate as Energy and Marine Underwriters, Inc.
Mr. Bridges, who is responsible for Brown & Brown's operations in Louisiana and several other Southeastern states, commented that, "We are very pleased to welcome this dedicated team to our growing family of insurance professionals. Nancy and Geoff and their staff have the same client-focused attitude that is a Brown & Brown hallmark. Their addition further expands our service capabilities in the maritime market and represents our initial entry into the dynamic energy field."
Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, employee benefit administration, and managed health care programs. Providing service to business, public entity, individual and trade and association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary. Our Web address is www.bbinsurance.com.
This press release may contain certain statements relating to future results which are forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, are contained in the Company's filings with the Securities and Exchange Commission. Some factors include: general economic conditions around the country; downward commercial property and casualty premium pressures; the competitive environment; the integration of the Company's operations with those of businesses or assets the Company has acquired or may acquire in the future and the failure to realize the expected benefits of such integration; and the potential occurrence of a disaster that affects certain areas of the States of Arizona, California, Florida and/or New York, where significant portions of the Company's business are concentrated. All forward- looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
SOURCE Brown & Brown, Inc.
Cory T. Walker, Chief Financial Officer, Brown & Brown, Inc., +1-386-239-7250
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